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Netflix doubling European content budget to $1B

It's just another sign of the streaming giant's strong push into international markets.

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Netflix will reportedly be spending $1 billion this year on original content in Europe.

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Another day, another sign of Netflix seeking world domination.

The streaming video service that on Monday reported hitting 125 million members plans to spend about $1 billion on original and co-produced content in Europe this year, according to someone familiar with the company's plans.

That's more than twice last year's Europe budget and will nearly double the number of European productions, according to the Financial Times, which reported the story earlier Monday.

The move is bound to have repercussions for traditional European broadcasters who, like their US counterparts, are struggling to maintain viewers amid growing competition from the likes of Netflix and Amazon.

Netflix declined to comment.

But the news meshes with a Netflix announcement Wednesday that it's launching 10 new European projects, including seven original series, two documentaries and a movie. Click here for the full rundown.

Last quarter, the company said its international subscriber base increased by 5.5 million members to 68.3 million, better than the 4.9 million additions the company predicted. In the US, Netflix added 2 million streaming customers, for a total of 56.7 million, beating its 1.5 million guidance.